Baytex Energy Corp T.BTE

Alternate Symbol(s): BTE

Energy Oil & Gas E&P

Baytex Energy Corp. is a Canada-based energy company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Its crude oil and natural gas operations are organized into three main operating areas: Light Oil USA (Eagle Ford), Light Oil Canada (Pembina Duvernay / Viking) and Heavy Oil Canada (Peace River / Peavine / Lloydminster). Its Eagle Ford assets are located in the core of the liquids-rich Eagle Ford shale in South Texas. The Eagle Ford shale covers approximately 269,000 gross acres of crude oil operations. Its Viking assets are located in the Dodsland area in southwest Saskatchewan and in the Esther area of southeastern Alberta. It also holds 100% working interest land position in the East Duvernay resource play in central Alberta.

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Baytex Energy Corp > JD, CEO changes

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Comment by BayStreetWolfTOon Nov 04, 2022 6:10pm

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Post# 35074635

RE:JD, CEO changes

JD, exactly what I wanted to hear on the call. New CEO completely aligned to the strategy...as we move toward 75% FCF for shareholders.

Great call

BayStreetWolfTO wrote: JD, regarding the following....

"this is my biggest concern with baytex as well. With Ed, I knew exactly what was going to happen. They had a long term plan and stayed with it. Anytime I was unclear on something, IR provided the clarity. I want the debt driven to 400. And I'm good with fcf at higher than 50% beyond the 400 target with debt being driven to zero. I do not want acquisition that dilutes shares or increases debt. If either happens I am out the day it is announced

A couple points
1. First I would be very surprised if the Baytex Board of Directors brought someone in that did NOT allign with the Baytex published strategy. Remember the CEO reports to the Board.

2. I am holding long-term based on the published plan. I want debt to $400M and once that is reached I am good with FCF to shareholder returns >50%.

3. I do NOT want "Material" aquisitions that would add shares or debt. Again I would be VERY surprised if the Board of Directors went against their published plan...bringing in someone who didn't align with that.

I will be listening VERY closely to the conference call and for now am confident that the go forward strategy will NOT change.

We don't need this turning into a WCP for instance....pushing out timelines with increased debt.

Baytex has been laser focused 100%....I have no reason to expect a shift.

That said I am LONG based on the published strategy.

Also don't forget there are some MAJOR shareholders of BTE. One of which certainly pushes the debt reduction/shareholder return agenda....people in Cdn O&G have seen what happens to share prices when they deviate from plan.

On the conference call I EXPECT

1. Debt focused to $800m than down to $400m

2. Buybacks 25% of FCF (buy the flippers and shorts)

3. At $800m buybacks 50% of FCF (very soon) (buing back more flippers and shorts)

4. At $400m the next phase and what that is I would like FCF allocation >50%